HP Names Whitman To Succeed Apotheker As CEO; Lane Steps Up Chair Role

By Tiernan Ray

As widely speculated, Hewlett-Packard (HPQ) this afternoon said it will replace its chief executive, Leo Apotheker, with former eBay (EBAY) CEO and HP board member Meg Whitman.

Chairman Ray Lane, who nominated Whitman for the board this past spring, will become executive chairman after serving as non-executive chairman since last November. The company will seek a new independent lead director, it said.

Thanking Apotheker for his efforts on behalf of the company, Lane said in the statement that the company’s leadership now requires “additional attributes” to carry out its strategy.

Lane remarked, “We are at a critical moment and we need renewed leadership to successfully implement our strategy and take advantage of the market opportunities ahead.”

He said of Whitman, “Meg is a technology visionary with a proven track record of execution. She is a strong communicator who is customer focused with deep leadership capabilities. Furthermore, as a member of HP’s board of directors for the past eight months, Meg has a solid understanding of our products and markets.”

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